Currency

Morgan Stanley: “we expect 8 of the G10 central banks to remove a combined US$304 billion of securities on average, from private markets every month in 2021. ” – Zero Hedge

Incredible stat – don’t underestimate the bullish significance of central banks taking $3.7 trillion in 2021 from private markets. On Moneytalks we’ve forecasted 40,000 plus on the Dow for 7 years (in writing) – this will be a significant driver but there are others – tune into Moneytalks for other key drivers that we’re watching.

Bitcoin for 2021

Clients have long asked Peter Grandich for his insights on bitcoin, and the ballistic rise has made it important for him to provide some important thoughts. ~ Ed.
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Ripple CEO Warns SEC May Sue Company Over XRP Sales

According to Fortune, the lawsuit will be filed in the near future, though no specific date has been provided yet. The suit had not been filed as of press time. Ripple cofounder Chris Larsen and Garlinghouse will be named defendants alongside the firm, Garlinghouse said.

“It’s an attack on the entire crypto industry and American innovation,” Brad Garlinghouse said in an emailed statement.

In an emailed statement, outside counsel Michael Kellogg, of Kellogg, Hansen, Todd, Figel & Frederick said, “This complaint is wrong as a matter of law. Other major branches of the U.S. government, including the Justice Department and the Treasury Department’s FinCen, have already determined that XRP is a currency. Transactions in XRP thus fall outside the scope of the federal securities laws. This is not the first time the SEC has tried to go beyond its statutory authority. The courts have corrected it before and will do so again.”

Ripple received word Monday that the SEC intended to sue, according to the Wall Street Journal.

Ripple is already being sued by investors in a putative class-action lawsuit, on claims that the company said XRP’s price would rise. That suit, which began in 2018, continues its course through the courts…CLICK for complete article

Bitcoin arrives on Wall Street: S&P Dow Jones launching crypto indexes in 2021

In the latest big move to incorporate crypto by traditional finance, 550 coins will appear in the new indexes from next year.

S&P Dow Jones Indices (S&P DJI), a joint venture between S&P Global, the CME Group and News Corp, will debut cryptocurrency indexes in 2021, it has confirmed.

In a press release on Dec. 3, S&P Dow Jones Indices described Bitcoin and altcoins as an “emerging asset class.”

Bitcoin and altcoins hit Wall St. finance

The firm will partner with Lukka, a U.S. blockchain data provider, to launch the indexes, which will cover a reported 550 cryptocurrencies.

“With digital assets such as cryptocurrencies becoming a rapidly emerging asset class, the time is right for independent, reliable and user-friendly benchmarks,” Peter Roffman, Global Head of Innovation and Strategy at S&P DJI, stated in the press release…CLICK for complete article

Bitcoin price hits $19K as bulls show no fear of record futures gap

Despite 15% gains coming during a weekend, Monday simply delivers more of the same upside for Bitcoin prior to the Wall Street opening.

Bitcoin (BTC) returned to $19,000 on Nov. 30 as a weekend surge continued to produce fresh gains for investors and hodlers.

BTC price up 18% against weekly lows

Data from Cointelegraph Markets and TradingView showed BTC/USD retaking another key psychological level during Monday trading.

The weekend had already produced major upside for the pair, which late last week dived to $16,300. By the start of Monday, $18,600 had appeared, with Bitcoin going on to deliver returns of at least 17% versus those lows.

As Cointelegraph reported, a giant $1,300 CME futures gap threatens to take the market lower, but buyers so far remain unfazed. At press time, highs above $19,200 were in progress with around half an hour to go before the start of trading on Wall Street…CLICK for complete article

Trump Administration May ‘Rush Out’ Burdensome Crypto Wallet Rules

Brian Armstrong is worried the Trump Administration is about to send the cryptocurrency industry a parting gift.

The Coinbase CEO took to Twitter Wednesday night to blast the U.S. Treasury Department’s rumored plans to attempt to track owners of self-hosted cryptocurrency wallets with an onerous set of data-collection requirements.

If the whispers are to be believed,  outgoing Treasury Secretary Steven Mnuchin is preparing to tamp down on one of the fundamental tenets of the cryptocurrency ethos: the ability of the individual to hold their crypto (unmolested) themselves.

“This proposed regulation would, we think, require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet,” Armstrong tweeted.

If true, the regulation would represent a broadside against the U.S. cryptocurrency industry like few ever levied by the federal government. It would force corporations to know every counterparty to their users’ crypto transactions, keeping logs, tracking movements, and verifying identities even before a transfer could take place.